European Economics

European Economics Weekly
14 November, 2011

Italy on the road to default

We have long warned that Italy represents the single biggest threat to the currency union and last week, that threat loomed large. Bond yields rose to unsustainably high levels, suggesting that Italy will probably need to undertake some type of default. This would have major consequences around the world and particularly for the euro-zone’s banking sector. Another implication would surely be the demise of the euro-zone in its current form....

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